S&P lowers Hyundai Capital America

S&P said it lowered its ratings on Hyundai Capital America to BBB+ from A-. The outlook is stable.

At the same time, the agency lowered the senior unsecured rating to BBB+ from A-.

The short-term rating on the company’s commercial paper remains A-2.

“The downgrade of HCA follows the downgrade of Hyundai Motor Co. (HMC). We view HCA as a core subsidiary of HMC and the ratings reflect the group credit profile,” S&P said in a news release.

“The stable outlook on HCA reflects our stable outlook on HMC. The stable outlook mainly reflects our view that HMC will maintain a sound balance sheet and net cash position over the next 12-24 months despite uncertainties in the highly cyclical and competitive global auto industry.”

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